Owens Corning to boost shingle production with new plant

TOLEDO, Ohio - Owens Corning (NYSE: NYSE:OC), a key player in residential and commercial building products with a market capitalization of $15.45 billion and strong financial health according to InvestingPro analysis, has disclosed plans to invest in a new shingle manufacturing facility in the southeastern United States. This move aims to enhance the company’s roofing manufacturing network and address the growing demand for its shingle products, building upon its impressive 8.09% revenue growth over the last twelve months.

The upcoming facility, which will feature a four-wide laminator, is projected to produce approximately six million squares of shingles annually. Production is slated to commence in 2027. The plant will focus on manufacturing Owens Corning’s high-performing laminate shingles, including the premium Duration® series, known for the patented SureNail® technology that offers strength and durability. Additionally, the facility will integrate advanced automation technology and is expected to generate nearly 100 skilled manufacturing jobs.

This expansion is part of Owens Corning’s broader strategy to increase shingle capacity, which has previously included process enhancements and automation across its manufacturing network. Notably, the company will also introduce laminate capabilities at its Medina, Ohio facility, scheduled to become operational mid-year.

Owens Corning’s Roofing business currently operates 17 manufacturing facilities in the U.S. The company has announced that the location of the new southeastern plant will be revealed later in the year.

The investment announcement comes ahead of Owens Corning’s participation in The International Roofing Expo (IRE), set to take place from February 19-21, 2025, in San Antonio, Texas. Owens Corning is a market leader in roofing shingles, underlayment, components products, and the integrated Total (EPA:TTEF) Protection Roofing System®.

The company, founded in 1938 and headquartered in Toledo, Ohio, emphasizes its commitment to sustainable building solutions through its diverse product offerings, including roofing, insulation, doors, and composites. With a global presence and over 25,000 employees, Owens Corning reported sales of $9.7 billion in 2023. The company’s strong financial position is reflected in its healthy current ratio of 1.44 and impressive one-year stock return of 23.33%. For deeper insights into Owens Corning’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which offers exclusive ProTips and detailed financial metrics for informed decision-making.

This expansion initiative is based on a press release statement and reflects Owens Corning’s forward-looking plans to meet customer demand and grow its manufacturing capabilities.

In other recent news, Owens Corning, a key player in the building and construction materials industry, has seen a series of noteworthy developments. Fitch Ratings has upgraded the company’s ratings to ’BBB+’ from ’BBB’, a move that reflects the improved business profile and deleveraging of Owens Corning following its $3.9 billion acquisition of Masonite International (NYSE:DOOR) Corporation. The company’s strong credit metrics, robust profitability, and free cash flow generation were emphasized by Fitch.

In addition to this, Owens Corning announced a 15% increase in its quarterly cash dividend, indicating a strong financial performance and commitment to delivering shareholder value. The company has also seen changes in its board of directors, with the appointment of Michelle T. Collins as a new independent director, and the upcoming departure of long-serving board member W. Howard Morris.

These recent developments highlight Owens Corning’s strategic moves to strengthen its market position, enhance its financial health, and deliver value to its shareholders.

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